Some of the world’s biggest energy and engineering companies have joined forces to call for as much as $3tn of investment into long duration energy storage to give the global power system the flexibility necessary to achieve net zero emissions by 2040.

The Long Duration Energy Storage Council was formed on Thursday with 25 members including Bill Gates’ Breakthrough Energy Ventures, BP and Siemens Energy. It forecasts that 1.5-2.5 terawatts of capacity, capable of storing about 10 per cent of global electricity demand, could be installed by 2040.

Supporters say long duration energy storage or LDES — defined as systems capable of storing energy for more than eight hours — will be pivotal as the world replaces fossil fuels with less predictable wind and solar power.